Verizon officially closes BlueJeans deal

Rhea-AI Summary

Verizon acquired BlueJeans Network, Inc. on May 15, 2020, enhancing its Advanced Communications portfolio. This acquisition adds 390 new employees and bolsters Verizon's offerings in video conferencing, particularly critical during the pandemic. BlueJeans products are designed to integrate seamlessly with Verizon's mobile-first solutions and 5G roadmap, facilitating scalable and secure cloud-based meetings. Verizon generated $131.9 billion in revenue in 2019, positioning itself as a leader in technology and communications.

Positive

• Acquisition adds 390 employees, enhancing operational capabilities.
• BlueJeans products integrated into Verizon's mobile-first and 5G solutions.
• Strengthens Verizon's position in the video conferencing market.

Negative

• None.

What you need to know:

• Verizon acquired BlueJeans Network, Inc. on May 15

NEW YORK, May 18, 2020 (GLOBE NEWSWIRE) -- Verizon welcomes 390 new employees today after officially closing the deal with BlueJeans Network, Inc. on May 15.  Keeping businesses connected has always been a priority for Verizon. Adding BlueJeans to Verizon’s Advanced Communications portfolio is critical now more than ever to keep businesses, from small organizations to some of the world’s largest multinational brands, operating at the highest level.

BlueJeans products complement Verizon's mobile-first business solutions, like One Talk, and will be deeply integrated into Verizon’s current and future 5G product roadmap.

Regularly cited as a market-leading video conferencing and collaboration tool, BlueJeans enables cloud-based meetings and large, interactive events that are simple, scalable and secure.

“Supporting businesses of all sizes with best-in-class solutions is in Verizon’s DNA,” said Tami Erwin, CEO, Verizon Business. “BlueJeans is a phenomenal product that offers the security and scalability that are imperative to our customers, and we’re eager to amplify their reach across our global network.”

“As we have all learned during this pandemic, video conferencing is a powerful medium for connecting people so they can collaborate and work productively,” said Quentin Gallivan, CEO of BlueJeans Network. “Combining BlueJeans with Verizon’s innovations in 4G, 5G and Mobile Edge Computing opens up possibilities to serve customers in new and exciting ways.”

BlueJeans' founders and employees join Verizon today as Verizon employees and will work together to lead the continued growth and innovation of the business.

Verizon Communications Inc. (NYSE, Nasdaq: VZ) was formed on June 30, 2000 and is celebrating its 20th year as one of the world’s leading providers of technology, communications, information and entertainment products and services. Headquartered in New York City and with a presence around the world, Verizon generated revenues of $131.9 billion in 2019.  The company offers voice, data and video services and solutions on its award-winning networks and platforms, delivering on customers’ demand for mobility, reliable network connectivity, security and control.

VERIZON’S ONLINE MEDIA CENTER: News releases, stories, media contacts and other resources are available at www.verizon.com/about/news/. News releases are also available through an RSS feed. To subscribe, visit www.verizon.com/about/rss-feeds/.

Media Contacts:

Lauren Schulz
845.500.8272
lauren.schulz@verizon.com

Erin Cheever
echeever@bluejeans.com

FAQ

What is the significance of Verizon's acquisition of BlueJeans Network, Inc.?

The acquisition enhances Verizon's Advanced Communications portfolio and strengthens its video conferencing capabilities.

When was BlueJeans Network, Inc. acquired by Verizon?

BlueJeans Network, Inc. was acquired by Verizon on May 15, 2020.

How many employees did Verizon gain from the BlueJeans acquisition?

Verizon added 390 new employees from the BlueJeans acquisition.

What financial performance did Verizon report in 2019?

Verizon generated $131.9 billion in revenue in 2019.

How does BlueJeans fit into Verizon's 5G product roadmap?

BlueJeans products will be deeply integrated into Verizon’s current and future 5G product offerings.